Following last month’s published report and accounts for the end of the year to March 2019, Redmayne Bentley LLP has commented on progress for the first half of the 2019/2020 financial year, which has seen a positive increase in gross and net incomes despite increases in operating expenses. The investment management and stockbroking company’s gross income was up by 4.1% and its net income by 6.4%.
Operating expenses have increased in recent years primarily due to staff recruitment and investment in systems, although there have also been increases in other areas such as pricing and data services.
David Loudon, Joint Chief Executive, said:
“There are around 400 people currently working at Redmayne Bentley, with 190 of those in stockbroker and investment manager roles. Investment Managers Glyn Edwards and Kate Spurling recently joined Redmayne Bentley, in the Liverpool office and Bournemouth and Pool office respectively. The increase in operating expenses reflects the ongoing investment in growing the business through staff acquisition and development. Furthermore, expenditure in processes has been necessary in readiness for current and future regulatory environments and to ensure ongoing high levels of service to clients.”
Redmayne Bentley also saw an increase in its assets under management between December 2018 and December 2019 from £2bn to £2.6bn. Assets in custody increased by £1bn in the same period from £6bn to £7bn.